Dr. Dre Owes His Billion Dollar Fortune To Jimmy Iovine

By 2011, Beats by Dr. Dre is well-established in the market. HTC acquires 50.1%, a majority share, of the company for $309 million. The following year, Dr. Dre and Iovine buy back a 25% share for $150 million. These two transactions, via a knot of legal red tape in their contracts, enabled the partners to end their licensing agreement with Monster. This same year, Beats released their first headphones that were not manufactured by Monster. Monster filed a lawsuit against Beats, claiming that they developed the products themselves and only used Dr. Dre and Iovine for branding purposes. They also claimed that the sale of a majority share in the company to HTC, followed by a buy-back of half of those shares, was essentially a ploy on the part of Iovine and Dr. Dre to negate their Monster agreement. The judge ruled against Monster.

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